Market Overview
In today’s market, we field a tremendous amount of phone calls from the media inquiring
about what effect the financial markets will have on the real estate market. It is imperative
that I share my response: it is far too early to tell what the implications will be on real
estate in New York City. Many tried this when the credit crisis began over a year ago, and
have consistently been wrong. What I can and will do is to provide real facts.
Our market reports always utilize closed sales. The numbers reported for the first half of
2008 showed that our market is stable and holding steady when compared with last year.
These numbers were expected, since many of the closed transactions derived from sales
during a more robust market; and, especially the new development deals - which were put
into contract sometimes a year or two earlier. Currently, our third quarter numbers have
dropped slightly; but, to no great surprise as 2007 was a record year. Halstead Property is
holding steady with our current numbers marginally lower than the record levels of 2007
but still higher than 2006, which was also a very good year in real estate.
The New York City economy is faring better than the nation right now and the most recent
numbers show that our unemployment rate is at an historically low level. While jobs have
been lost recently, it is far too early to predict how many the final toll will be at the end
of this year. Most importantly, our local market is still moving – new deals are happening
and bidding wars are occurring for well-priced properties. People will always have real
estate needs as there will continue to be births, deaths, marriages, divorces – buyers
will buy and sellers will sell. Real estate is not like purchasing stock – real estate is an
investment that offers a lifetime of opportunity and a home for enjoyment.
In these uncertain times, it is crucial to work with a real estate company that is forward
thinking and has a solid foundation. Halstead Property provides this innovative thinking
with a strong core base of more than 600 talented and experienced agents. We offer
valuable economic information such as market insights, monthly updates called ‘The Heym
Report’ from our own Chief Economist and quarterly market reports. Sellers are prepared
for the current market with our knowledgeable agents who offer unparalleled advice on
pricing and marketing strategies. Working closely with our buyers, we identify purchasing
opportunities and help them navigate through the buying process. I am proud of all that
we offer our clients and customers and I invite you to learn more about our firm and our
incredible agents at Halstead.com.
When this firm was started by Clark Halstead and me, we had a vision that our company
would be a service-driven company with the latest technology in order to provide our
agents with the tools and resources that they needed. Nearly twenty-five years later, that
vision is still upheld through our twelve offices, our agents and our stellar Executive Team.
Throughout our history, we have experienced a wide range of markets and each time, we
kept a calm presence and continued to do our business in the best possible way. I encourage
you to listen to the real facts and allow Halstead Property to provide you with them.
